Reports Q1 revenue $305.7B, consensus $432.42M. “PennyMac Financial reported strong operating earnings in the first quarter, with an annualized operating return on equity of 15 percent in what is expected to be the one of the smallest quarterly origination markets of this cycle,” said Chairman and CEO David Spector. “Strong volume increases in our consumer and broker direct channels drove continued profitability in our production segment. Although net fair value declines on MSRs and hedges impacted our results this quarter, our large and growing servicing portfolio continues to anchor our financial performance, contributing meaningfully to revenue and cash earnings in this higher interest rate environment.”
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